What gets me is the inefficiency of spending money on this sort of stuff. I suppose there's an argument about the profits to the manufacturer being spent, but that ties up the money with workers producing something unnecessary and with very little value. Seriously. On the secondhand market, you'll have to find someone with an extraordinary amount of money, or the stuff is just worth scrap value. Scrap would probably be a couple thousand, at best.
I'm not a huge fan of just giving money away. Without getting into politics, handing out cash isn't effective. However, you can do things with it like build low-cost housing. That provides a slim return, but you also create something with intrinsic value. People can live there. You could also use the money and start a factory. Jobs are useful and have a way of benefitting the worker's family directly. Other social uses might be building a park or a concert hall, an inexpensive private school, a library, or much else.
One of the things that bothers me is that people and institutions are larding away the wealth. Not to say they don't deserve it, etc., but it goes into intangible assets that only benefit the owner. Even a lot of the tangible stuff, like these $1M stereos only benefit the owner. This is a very inefficient use of money with low social benefit.
If I had eight or nine figures of disposable income, I'd put it to use. I'd like to have some factories, build a bunch of housing, start businesses, fund new businesses, build some new buildings at schools I attended, and much else. Instead of a million dollar stereo, I think I could put some people to work and get some return. That would have a lot more social utility. I'd still have a nice stereo, but people with jobs and an income stream is better for everyone.
So you can argue back and forth about how much is "too much," but you really have to look at the efficiency of money use. It wasn't always this way, either. If you look at the captains of industry from the Gilded Age - which wasn't terribly different from the Gilded Bubbles we just went through - they didn't stash their money away in offshore accounts. These guys built universities, schools, libraries, civic centers, parks, railroads, buildings, and much else. They still had their fortunes and got a return on what they used their money for.